The nearer a domestic lease in Blaby gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, over 125 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease sooner than later. Many flat owners in Blaby will qualify for this right; nevertheless a lawyer can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Blaby with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Blaby can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Blaby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Isaac, came very near to the eighty-year threshold with the lease on his first floor apartment in Blaby. In buying his flat two decades ago, the unexpired term was of no significance. by good luck, he became aware that he needed to take action soon on a lease extension. Isaac extended the lease at the eleventh hour in June. Isaac and the landlord subsequently settled on a premium of £6,000 . If he not met the deadline, the figure would have become more costly by at least £925.
In 2009 we were called by Mrs Freya Evans who, having owned a one bedroom apartment in Blaby in January 2000. The question was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Identical premises in Blaby with a long lease were worth £265,000. The mid-range amount of ground rent was £50 collected annually. The lease termination date was on 25 October 2100. Taking into account 74 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.
Mr and Mrs. I Edwards took over the lease of a newly refurbished flat in Blaby in October 2012. The question was if we could estimate the premium could be for a 90 year lease extension. Comparable premises in Blaby with a long lease were valued around £166,400. The average ground rent payable was £60 collected monthly. The lease ended in 2080. Taking into account 54 years remaining we estimated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of costs.